Signed by Governor Pete Ricketts

Vote Smart's Synopsis:

Vote to pass a bill that amends the Nebraska Municipal Land Bank Act to allow communities to enact local land banks.

Highlights:

• Authorizes a single municipality to elect to join an existing land bank by agreeing with a city of the metropolitan class or primary class that has created a land bank (Sec. 4).

• Authorizes a municipality that elects to join an existing land bank to remove themselves with a two-thirds vote of the governing body (Sec. 5).

• Prohibits a land bank from issuing bonds after the effective date of this act (Sec. 7).

• Prohibits a land bank from investing its funds in any instrument, obligation, security, or property that directly or indirectly has interest held by a member of the board or an employee of the land bank, or an immediate family member (Sec. 7).

• Prohibits a landbank from acquiring a parcel that is zoned as commercial property unless the parcel has been vacant for at least 3 years (Sec. 8).

• Prohibits a land bank from holding the following number of legal titles at any one time, including (Sec. 8):

• 7 percent of the total number of parcels located within a cities metropolitan area, with no more than 10 percent of such parcels zoned as commercial property;

• 3 percent of the total number of parcels located in a city of primary class, with no more than 5 percent of such parcels zoned as commercial property;

• 5 percent of the total number of parcels located in a city of first-class, with no more than 5 percent of such parcels zoned as commercial property; and

• 10 percent of the total number of parcels in a city of second class or village, with no more than 5 percent of such parcels zoned as commercial property.

• Prohibits a land bank from agreeing with a nonprofit corporation or other private entity to temporarily hold real property for such nonprofit corporation or private entity (Sec. 8).

Full Bill Text